Press release -
JOOL Markets places bond issue for ICON Real Estate, successfully closing first Finnish transaction
Issue amount: EUR 4.5m
Interest rate: 11 % p.a.
Maturity: 36 months
The EUR 4.5m bond issue for ICON Real Estate Fund III – Suurpelto Ky has been successfully completed. JOOL Markets AS acted as Sole Manager and Bookrunner for the bond issue, that attracted significant interest and was fully subscribed within a short amount of time.
The bond, maturing in July 2021, bears fixed coupon of 11 % p.a. with semi-annual interest payments.
The proceeds from the bond issue will be used to finance ICON Plaza construction project in Suurpelto, Espoo, approximately 20 minutes away from Helsinki center.
The bond has collateral in the form of 1st priority pledge of 50.1 % of As Oy Espoon ICON North Plaza, As Oy Espoon ICON East Plaza and As Oy ICON South Plaza shares, 1st priority pledge of 60 % of As Oy Espoon ICON West Plaza shares, 1st priority pledge of 100% of As Oy Espoon Park Plaza shares, 1st priority pledge over downstream loans and Parent company guarantee from ICON Corporation Oy.
Castren & Snellman acted as legal advisor and Intertrust (Finland) Oy as bond trustee. The bonds will be registered through Euroclear Sweden.
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JOOL Markets is an independent Nordic investment bank with a leading position in corporate bonds and fixed income instruments within NOK 30-200 million. JOOL Markets is seated in Oslo and employs more than 70 professionals working from our offices in Oslo, Bergen, Gothenburg, Stockholm and Helsinki.
JOOL Markets was established in 2015 and is a part of the JOOL Group.
